President Biden signed the CHIPS and Science Act into law in 2022, which provided roughly $39 billion in federal grants to boost semiconductor manufacturing within the United States. However, only a small fraction of the allocated funding has actually been distributed to chip companies so far. With just over two months remaining before President-elect Donald Trump reassumes office, Biden is now racing to finalize these CHIPS Act contracts before the transition of power, according to a Bloomberg report. Yahoo Finance special reporter Akiko Fujita breaks down the details, discussing the feasibility of Biden completing these deals within the limited time frame.
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